Title
Resolution granting a 380 Incentive Agreement for 303 Grand Prairie II Ltd. in the amount of $250,000
Presenter
Bob O'Neal, Economic Development Director
Recommended Action
Approve
Analysis
UDC Development (303 Grand Prairie II Ltd.) is a developer who owns a tract of land on the southeast corner of SH 161 and SH 303. They have been working with a major retailer over several years to construct a new location in our City. As an incentive to develop the property for use by a major retailer, the City proposes a $250,000 incentive to help defray some of the development's infrastructure costs that would include deceleration lanes, traffic signals, etc. The incentive would be provided in the form of a performance based Section 380 agreement which would require the construction of at least a 150,000 square foot building occupied by a single retailer generating more than $500,000 a year in general fund sales tax. The City would rebate 50% of the City real property taxes received on the new building annually until a total of $250,000 in incentive funds has been paid out to the developer.
Financial Consideration
None
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, TO ENTER into a Chapter 380 Program Agreement for Economic Development Incentives with 303 Grand Prairie II LTD. granting a rebate
Whereas, 303 Grand Prairie II LTD. desire for the property to be developed as a single 150,000 square foot retail space; and
Whereas, the new retail tenant would create more than $500,000 in general fund sales tax annually; and
Whereas, a rebate based on the ad valorem tax on the added real estate property will induce 303 Grand Prairie II LTD to develop the property; and
Whereas, the City Council has determined that it is in the public interest to enter into a Chapter 380 Program Agreement for Economic Development Incentives and partially rebate certain ad valorem real estate and business personal proper...
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